XRP/USD Medium-term Trend: Bearish

Yesterday, October 10, the XRP price was in a bearish trend. The digital currency had been bearish in the last 48 hours. And it has not been able to break the resistance at $0.50 in order to resume its uptrend. Rather the digital currency has been ranging below the $0.50 price level. Today, the XRP price has further depreciated to the low of $0.42.

The price has reached the oversold region of the market, traders are to look out for buy setups so as to initiate long trades. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. In the same vein, the XRP price is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing.

XRP/USD Short-term Trend: Bearish

On the 1-hour chart, the XRP price is in a bearish trend. The XRP price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone. Nevertheless, the Relative Strength Index period 14 is level 14 which indicates that the market is oversold signaling bear’s exhaustion and suggesting bulls taking control of the market.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.